2015
October 2015 - TBMA Conference in Denver, CO - Gary Porter made a presentation on Reserve studies for some 150 timeshare industry board members and service providers.
May 17-19, 2015 - TBMA Conference in Providence, RI - Gary Porter made a presentation on Reserve studies for some 150 timeshare industry board members and service providers.
May 4-7, 2015 - CAI National Conference in Orlando, FL - Gary Porter attended the CAI National conference in Orlando, Florida and participated in both the CPA and Reserve Professionals shoptalk sessions.
April 29 - May 1, 2015 - Gary Porter attended the CAI National conference in Las Vegas, Nevada and participated in both the CPA and Reserve Professionals shoptalk sessions.
April 21, 2015 - Gary Porter had an article published "International Group Adopts New Reserve Study Standards" at the industry resource website, HOA Pulse. This article summarizes the new standards, which are the biggest change to the reserve study industry in twenty years.
April 23, 2015 - Press release – New Reserve Study Standards
Porter & Lasiewicz partner Gary Porter, CPA has long been recognized as a leader in the community association and timeshare industries. Mr. Porter has also been long involved in preparation of reserve studies, reserve study methodology, and reserve study software development. Gary Porter is also president of the International Capital Budgeting Institute (ICBI) and president of Facilities Advisors International, a reserve study company.
ICBI announced the adoption of new professional reserve study standards effective April 16, 2015. These standards, known as Generally Accepted Reserve Study Principles and Generally Accepted Reserve Study Standards, represent the culmination of a year-long effort by ICBI to provide standards for better reporting of reserve studies for the community association and timeshare industries. These standards represent the biggest change in the reserve study process in twenty years and will result in better reliability and consistency of reporting in reserves.
ICBI president Gary Porter formed a team of 16 industry professionals from six countries for this process. The ICBI standards committee included a broad spectrum of industry professionals that were able to provide a perspective reflecting all stakeholders in the industry. These are truly global standards and are already being applied in several countries.
The primary differences of the new ICBI standards as compared to previously existing standards are best summarized in four broad categories:
1) A more comprehensive definition of components – The standards expand and clarify the definition of components to reflect the true maintenance responsibility of the association. This results in greater consistency and reliability in reserve studies.
2) A more definitive description of service levels – ICBI provides for three service levels; independent study, reserve management plan (collaborating with the association), and consulting.
3) A requirement for consistent calculations – ICBI standards establish requirements for consistent calculation methods and software capable of making accurate calculations. Standards also require consistent terminology definitions.
4) A consistent and uniform approach to reporting on reserve studies – ICBI standards require specific, consistent reporting formats on a summary basis, generally with a report of no more than 20 pages. Supplemental schedules providing the detail are generally separated from the basic report.
The result to the public is a reliability and uniformity that benefits all users of reserve studies.
There are articles providing a more complete description of these standards in the Linkedin groups “Condo and HOA Finances” and “Condo and HOA Reserve Studies.” Another financial related group is “Condo and HOA Taxes.” All are open groups, but you have to be a member of Condo and HOA Finances before you can join the other two.
ICBI www.capitalbudgeting.org
Standards http://www.capitalbudgeting.org/index.php/rs-professional-standards
Committee http://www.capitalbudgeting.org/index.php/rs-standards-committee
March 15, 2015 - Gary Porter had an article published "Another look at Fraud" in the Focus Magazine for the Los Angeles Chapter of CAI.
2014
October 26 - 27, 2014 - Gary Porter presented a session on timeshare association reserve studies at the TBMA (Timeshare Board members Association) conference in San Diego, California. There were a number of other individuals presenting sessions on various aspects of timeshare operations.
August 5, 2014 - Porter & Lasiewicz, CPAs received notice from the IRS that an application prepared by the firm for a homeowners association in Texas has been approved by the IRS for tax exempt status under Internal Revenue Code Section 501(c)(4). This Association was previously recognized as exempt under Internal Revenue Code Section 501(c)(7) as a recreational organization, and categorized as a "private club." The Association had a number of factors that indicated (7) was the wrong section of the Code, and that (4) was a better fit. We applied for exemption Code Section 501(c)(4) under the premise that the Association, although it did have limited restricted access of certain common areas, was essentially open to the public, and therefore qualified for exemption under Code Section 501(c)(4).
Due to the nature of its operations, this Association will recognize little federal income tax benefit, other than reduction of tax risk, but will receive significant tax benefit by now qualifying for exemption from Texas state sales tax on purchases. This will result in savings of an amount that is multiples of the cost to obtain exempt status, and the annual savings is equal to several thousand dollars.
August 2, 2014 - Porter & Lasiewicz, CPAs received notice from the IRS that an application prepared by the firm for a public charity in Arizona has been approved by the IRS for tax exempt status under Internal Revenue Code Section 501(c)(3). This charitable organization is related to an age restricted Association of more than 20,000 homes that is exempt under Internal Revenue Code Section 501(c)(4). The primary purpose of the charitable organization is to provide assistance to the elderly that live within the Association and surrounding areas.
The related Association is so large that, by itself, it qualifies as a "community" as contemplated in the Internal Revenue Code. The work of the new charitable organization will provide significant benefits primarily to fixed income senior citizens, and will reduce the burdens of local government.
P&L, CPAs is proud to have played a small part in the creation of this organization.
May 17 - 18, 2014 - Gary Porter attended the 2014 APRA symposium in Orlando, Florida. The symposium included eight hours of continuing education on a number of technical reserve study topics.
May 14 - 16, 2014 - Gary Porter attended the 2014 CAI National conference in Orlando, Florida. In addition to attending a number of educational sessions and the reserve professionals "shoptalk" session, Gary met with a number of management companies and large scale associations.
May 5 - 6, 2014 - Gary Porter presented a session of unique aspects of timeshare association reserve studies at the TBMA (Timeshare Board Members Association) conference in Orlando, Florida. There were a number of other individuals presenting sessions on various aspects of timeshare operations. This was a great event featuring the top leaders of the timeshare industry.
April 28 - 29, 2014 - Gary Porter presented a session of unique aspects of timeshare association reserve studies for more than 200 resort managers at the VRI (Vacation Resorts International) conference in San Antonio, Texas. There were a number of other individuals presenting sessions on various aspects of timeshare operations. This was a great event with a great group of speakers.
May 5, 2014 - Gary Porter had an article published "The 2012 Syndrome and Reserve Funding" at the industry resource website, HOA Pulse. This article discusses the "head in the sand" approach used by some individuals because "I won't be here when those expenditures are required."
March 26, 2014 - Gary Porter had an article published "Penny Wise, Pound Foolish = Big Problems " at the industry resource website, HOA Pulse. This article discusses the pitfalls failing to perform routine maintenance that results in much larger long-term expenditure requirements.
January 15, 2014 - Gary Porter had an article published "Funding Reserves Based on Percentage of Assessments" at the industry resource website, HOA Pulse. This article discusses the pitfalls of approaching reserves based on available funds rather than actual expenditure requirements.
